Q: WHat does this mean
Each party covenants and represents to the other that a full and fair disclosure of all property owned, or believed to be owned, by the parties has been made to the other party and that this agreement is predicated upon this full and complete disclosure. This agreement shall not constitute a waiver of any marital interest either party may have in any property owned or controlled by the other but not disclosed by the other party at the time that this agreement is executed. The failure of either party to disclose property of significant monetary value to the other party shall give rise to whatever remedy at law or in equity may be available to the other party.
This provision on full disclosure shall remain in effect for one (1) year following the discovery of the hidden asset or assets regardless of whether the parties may have been divorced or not.
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- North Carolina
- (910) 333-9679
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- Answered
A: It's a really poorly drafted way of saying you were fair and honest with your spouse regarding property you may own and if you weren't there may be consequences.
A: It means that you and your spouse do not have any hidden assets or debts that have not been shared with the other spouse. if you do have assets or debts that have not been revealed to the other spouse, and they are discovered later, the agreement does not prevent the person who discovered the hidden asset or debt from seeking reimbursement for their marital share of the asset, or reimbursement for paying the debt.
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